Four Tips for Reporting Capital Gains Tax

This transcript has been automatically generated and may not be 100% accurate.

I ... the ... OMG jolts report to watch into going to work for tips on report capped and ... it's ... if you sold into stocks or options twenty twelve brokers' probably said Hewitt's and ninety nine ... record transaction ... so if there is to number one ... was he told a broker which securities so there should not have reported the correct While ... securities ... as the ones that were actually sold ... for avoiding this very specific information within thirty days of the actual sale it can make a big difference between reporting ... last ... day ... you know what your options ... Danny you're right it ... will reduce your tax exposure ... to number two is full disclosure on all twenty nineteen ninety four ... this involves making sure that ... if you switch brokerages during the course you are aware of ... all the transactions that emitted during twenty twelve ... not just those that occurred after you switch your accounts ... this can be especially tricky ... if you've inherited assets during the course of the year ... number three ... wash sales was a wash sale ... it's what happens when you sell a security at a loss and within thirty days ... by that same security debt ... coroner the IRS you don't get to claim a deduction from the loss if you bought the same stocks or options that in another account such as an IRA ... that's because the IRS wants all of your accounts together ... not just the ones that are taxable brokerage acts ... and while it's at number four ... fifteen appreciated securities ... if you better start for a long time and its values gun a sharply ... worded of that start to might not wanna get stuck paying higher taxes on the profit that there are two ways to avoid those texts ... one ... did the stock to charity special rules for up ... to ... give it to a friend or relative ... already has a high capital loss carry forwards balance ... make sure it's a genuine deals ...